Arkansas
State Bank Department

Federal Reserve System

Membership

 

(updated March 31, 2009)

A state chartered commercial bank in satisfactory condition may elect the Federal Reserve as its primary Federal supervisor by applying for membership in the Federal Reserve System.  State member banks in Arkansas are supervised by the Federal Reserve Bank of St. Louis, which participates in an alternating examination program with the Arkansas State Bank Department.  Under this program, each bank is examined for safety and soundness every 18 months by either the State Bank Department or the Federal Reserve Bank.  In addition, specially trained and experienced Reserve Bank examiners conduct consumer affairs, CRA, trust and EDP examinations on an 18 to 36 month cycle.

 

Any institution interested in membership in the Federal Reserve System should make inquiry to the Reserve Bank in St. Louis by calling 314-444-8435, or writing P.O. Box 442, St. Louis, Missouri  63166.  Upon receipt of a completed application and appropriate resolution of the bank's board of directors, the Reserve Bank will schedule and conduct a membership examination.  Upon approval of the application, the member bank will be required to subscribe for an amount of capital stock in the Reserve Bank equal to six (6) percent, three (3) percent due upon approval and three (3) percent is on call, of the applicant bank's paid-up capital stock and surplus.

 

Comments or questions about the Arkansas State Bank Department Web site? E-mail us at: webmaster@banking.state.ar.us